The rundown: Bitcoin and all major currencies were down in the morning; crypto startup Pundi X has unveiled a new blockchain-powered smartphone; the U.S. Customs and Border Protection is exploring blockchain technology; many prestigious U.S. universities are betting on cryptocurrency; South Korea is reportedly going to finalize its position on initial coin offerings in November; one of the largest cryptocurrency exchanges in India plans to launch crypto automated teller machines; and more.
Here is what is happening in the cryptocurrency market on Thursday.
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In the News
Crypto startup Pundi X has unveiled a new blockchain-powered smartphone called the XPhone at the XBlockchain Summit in Bali. The company also revealed its first blockchain-based operating system and communication protocol for mobile devices called Function X.
The U.S. Customs and Border Protection is exploring blockchain technology to build a system for the supply chain management. At a recent meeting of the Commercial Customs Operations Advisory Committee, members discussed emerging technologies, among others. Vincent Annunziato, director of CBP’s Automated Commercial Environment Business Office, said in a statement that they “looking at blockchain technology to see how it can be used in the supply chain arena and the agency has “produced a hybrid system that allows public sharing of data and also maintains the security of that data.” He noted that the custom agency is currently testing blockchain as a proof of concept and hopes “to have some recommendations by the December meeting.”
A report from news service Information reveals that many prestigious U.S. universities are making investments in cryptocurrency funds. According to the report, the multi-billion endowments of Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology, and the University of North Carolina made investments in cryptocurrencies.
The South Korean government will finalize its position on initial coin offerings (ICOs) in November, according to a local business newspaper The Investor. Citing chief of the office for government policy coordination Hong Nam-ki, the paper reports that officials have prepared theirs reports and the government will finalize its official stance next month.
BMW is set to host a four-month tournament showcasing how blockchain technology can be used in coordinating vehicle movement and improving transportation in urban environments. The Mobility Open Blockchain Initiative (MOBI) and the Trusted IoT Alliance (TIoTA) announced the launch of the three-year MOBI Grand Challenge series starting with the auto tech tournament. The tournament will end with a public demonstration of selected technologies in Munich, Germany, on February 15, 2019.
The International Monetary Fund (IMF) has mentioned crypto assets in its newly-released World Economic Outlook: Challenges To Steady Growth. According to the international agency, the “continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.” You can read the report here.
Unocoin, one of the largest cryptocurrency exchanges in India, is planning to launch its own crypto automated teller machines (ATMs). The exchange has yet to make an official announcement regarding the crypto ATMs but an image shared on social media suggests that the machines will support at least five cryptocurrencies.
Cryptocurrency Prices Today (As of 8:49 AM EST)
Bitcoin (BTC) is down 4.59% over the past 24 hours, trading at $6,253.93.
Ethereum (ETH) is trading at $198.98 in the morning, down 11.68% over a 24 hour period.
EOS is trading at $5.29, down 10.49% over the past 24 hours.
Ripple (XRP) is trading at $0.4054, down 13.59% over a 24-hour period.
Litecoin (LTC) is trading at $51.92, down 10.13% over a 24-hour period.
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